February 7 (SeeNews) - The Bulgarian Stock Exchange said that a 28 million euro ($34.9 million) seven-year bond issue of local car battery manufacturer Monbat [BUL:5MB] will start trading on the bourse's main market on February 13.
The issue consists of 28,015 convertible bonds with a nominal value of 1,000 euro each, the BSE said in a statement on Tuesday.
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The issue carries a floating rate of 6M EURIBOR plus a premium of 300 basis points, but not less than 3.00% on an annual basis.
Interest payments are due twice per year.
Each bondholder may request the conversion of the bonds into shares according to their current nominal amount at the conversion price on the 48th, 66th and 78th month after the issuance.
The conversion price is equal to 90% of the weighted average price of a Monbat's share on the Bulgarian Stock Exchange for the six months preceding the respective conversion date.
The bond issue has a call option under which Monbat can redeem the residual outstanding part of the issue on the 60th month after issuance at 101% of the current outstanding principal amount.
($=0.8024 euro)